The global worldwide de-dollarization continues to ramp up. China has now received its first yuan-settled LNG (liquid natural gas) shipment. The United States dollar’s life is dwindling.
The state-owned China National Offshore Oil Corporation (CNOOC) announced on Tuesday. The company said it purchased 65,000 tons of LNG from the United Arab Emirates (UAE) and paid in yuan, not U.S. dollars.
The move is the latest sign of the yuan’s growing presence on the international stage, as conditions for settling oil and gas trade in the Chinese currency become increasingly mature, CNOOC said. As part of its de-dollarization strategy, Beijing has been promoting settlements in currencies other than the US dollar and euro. –RT
“For now, and for the foreseeable next few years, I think the trade using RMB will predominantly be used for commodity and energy trade,” predicted Chi Lo, senior investment strategist at BNP Paribas Asset Management. “This is a very long-term development stretching into the coming one or two, even three decades” as more nations join the “RMB bloc” to reduce risks of dollar exposure, “especially after they’ve seen what the U.S.-led sanctions against Russia have done,” he added.
The proportion of Russian import settlements in yuan during 2022 surged to 23% from 4% the previous year. The U.S. is systematically destroying itself in an effort to build an empire. So much for the “land of the free.” Other nations have figured it out and are pushing back. This is bad news for the dollar, especially as the U.S. sits close to the precipice of defaulting on its massive debt because the ruling class cannot stop spending, stealing, and evaluating the fiat currency it continues to create out of thin air.
Be ready, because if something economic happens, many are not in a “prepared” place for that.
Originally Posted at www.shtfplan.com